Romney for President — George Romney

I guess some apples do fall far from the tree – or maybe Mitt is just the exception that proves the rule.

But I do know that in trying to outdo his father, Mitt has ended up as half the man George Romney was.

From “Mitt’s Gray Area,” Paul Krugman, NYT:

“Once upon a time a rich man named Romney ran for president.  He could claim, with considerable justice, that his wealth was well-earned, that he had in fact done a lot to create good jobs for American workers.  Nonetheless, the public understandably wanted to know both how he had grown so rich and what he had done with his wealth; he obliged by releasing extensive information about his financial history.

“But that was 44 years ago.  And the contrast between George Romney and his son Mitt — a contrast both in their business careers and in their willingness to come clean about their financial affairs — dramatically illustrates how America has changed.

“Those returns [the 12 years George Romney released] also reveal that he paid a lot of taxes — 36 percent of his income in 1960….  This was in part because, as one report at the time put it, he ‘seldom took advantage of loopholes to escape his tax obligations.’  But it was also because taxes on the rich were much higher in the ’50s and ’60s than they are now.

“George Romney was open and forthcoming about what he did with his wealth, but Mitt Romney has largely kept his finances secret.

“Put it this way:  Has there ever before been a major presidential candidate who had a multimillion-dollar Swiss bank account, plus tens of millions invested in the Cayman Islands, famed as a tax haven?

“And then there’s his Individual Retirement Account.  I.R.A.’s are supposed to be a tax-advantaged vehicle for middle-class savers, with annual contributions limited to a few thousand dollars a year.  Yet somehow Mr. Romney ended up with an account worth between $20 million and $101 million.

“This refusal to come clean suggests that he and his advisers believe that voters would be less likely to support him if they knew the truth about his investments.”

 

2 comments on “Romney for President — George Romney

  1. Maybe you can get every major paper and CNN and ABC and NBC, and CBS, and The London Times, and Al Jazeera, and anyone within earshot to hear what you just blogged. Inquiring minds want to know!

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